AN OFFSHORE BANK ACCOUNT

According to ratings by the Economist Intelligence Unit in 2008, Singapore is ranked number three worldwide to have the best business environment. Besides that, the country is also politically stable, which further ensures that depositors' money will be safe. Moreover, banks in Singapore have strict secrecy laws that strongly protect the identities and transactions of its customers. Hence, this has attracted many investors from all over the world to open offshore bank accounts here.

Below are lists of essential documentations required by some of the banks to open an offshore bank account. These are some banks in Singapore in which we have forged close and trusted relationships with.

1. Development Bank of Singapore
   
   Established in 1968, the Development Bank of Singapore (DBS) Group Holdings is one of the largest financial services groups in Asia. DBS's awarded credit ratings of "AA-" and "Aa1" prove that the bank and its services offerings are financially sound. Operating in 16 markets, DBS has a regional network spanning more than 200 branches and over 1000 ATMs across 50 cities.
   
   To open an offshore bank account in DBS, there is a minimum initial deposit of S$50,000 or US$50,000 required.
   
   The requirements for opening an offshore bank account are as follows:
   • Completed Corporate Account Application Form
   • Board of Director's Resolution sanctioning the opening of the account and the signatories to the account
   • Photocopy of Certificate of Incorporation (or equivalent such as ACRA Company Profile)
   • Photocopy of Memorandum & Articles of Association (or equivalent)
   • Photocopy of Register of Directors* (or equivalent)
       * Not required if Certificate of Incumbency is provided
   • Proof of Beneficial Ownership
        - Photocopy of Official document from the government/Registrar of companies
        OR
        - Photocopy of Certificate of Incumbency (must be less than a year old)
        - Photocopy of Register of Shareholders
        - Declaration of Beneficial Ownership along with IC/Passport of beneficial owner(s) (if required)
   • Photocopy of IC/Passport of the following persons
        - Director(s) and Secretary
        - All authorized signatories
   • Customer Declaration for Withholding Tax Purposes
        - Completed and signed by authorized signatory with the highest limited
   • For companies incorporated in tax haven countries
        - Photocopy of Certificate of Incumbency (Must be less than a year old)
   
   
2. Oversea-Chinese Banking Corporation
   
   The longest established local bank in Singapore, the Oversea-Chinese Banking Corporation (OCBC) was formed in 1912. With more than 480 branches and representative offices in 15 countries and territories, OCBC has made its presence in countries such as Malaysia, Thailand, Korea, Japan, Australia, and the United Kingdom. OCBC has also won several internationally recognized awards including the Best Retail Bank in Singapore, Excellence in Bancassurance & Excellence in Customer Advocacy in Asia by the Asian Banker Excellence in Retail Financial Services Awards 2009, and Best SME Cash Management Solution by the Asset Triple A Transaction Banking Awards 2009.
   
   There is a minimum initial deposit of S$1,000 or US$1,000 needed when opening an offshore bank account with OCBC.
   Below are the requirements needed for opening an offshore bank account with OCBC:
   • Completed Application Form for Business Account
   • Completed Application Procedure for Velocity @ OCBC (online form)
   • Completed Phone Banking & ATM Application Form
   • Letter of Authority and Indemnity
   • Board of Director's Resolution sanctioning the opening of the account and the signatories to the account
   • Photocopy of Certificate of Incorporation (or equivalent such as ACRA Company Profile)
   • Photocopy of Memorandum & Articles of Association (or equivalent)
   • Photocopy of IC/Passport of the following persons
       - Director(s), Secretary and Shareholder(s)
       - All authorized signatories
   • For companies incorporated in tax haven countries
       - Photocopy of Certificate of Incumbency (Must be less than 6 months old)


3. Hong Kong and Shanghai Banking Corporation Singapore
   
   The Hong Kong and Shanghai Banking Corporation (HSBC) is one of the earliest banks to start its operations here in 1877. Not only does it have an established international network, HSBC is also a prominent player in Singapore's banking sector. Moreover, HSBC is also an approved Primary Dealer in the Singapore Government Securities Market and an Approved Bond Intermediary (ABI).
   
   For HSBC, the minimum initial deposit is either S$10,000 or US$30,000.
   
   Requirements needed to open an offshore bank account in HSBC:
   • Completed Business Integrated Account Opening Form
   • Client Information Form
   • Director Declaration
   • Board of Director's Resolution sanctioning the opening of the account and the signatories to the account
   • Photocopy of Certificate of Incorporation (or equivalent such as ACRA Company Profile)
   • Photocopy of Memorandum & Articles of Association (or equivalent)
   • Photocopy of IC/Passport of the following persons
       - Director(s), Secretary and Shareholder(s)
       - All authorized signatories
   • Photocopy of Recent (within 3 months) Proof of Residential Address of the following persons
       - Director(s), Secretary and Shareholder(s)  - All authorized signatories
   • For companies incorporated in tax haven countries
       - Photocopy of Certificate of Incumbency (Must be less than 6 months old)  - Photocopy of Appointment of First Director(s)


4. Standard Chartered Bank Singapore
   
   The Standard Chartered Bank in Singapore (SCB) was first established in Singapore in 1859. It runs most of its global businesses, including much of the Group's product development and training activities from Singapore. It was one of the first four foreign banks in Singapore to be awarded a Qualifying Full Bank (QFB) license in 1999, which is a testament to the Bank's long term commitment and important role it played in the country's economic development.
   
   The minimum initial deposit for SCB is either S$5,000 or US$5,000.
   
   Here is the list of requirements needed to open an offshore bank account in SCB:
   • Completed Commercial Bank Account Opening Form
   • Completed Business Electronic Banking Application Form
   • Letter of Indemnity
   • Extract of Director's Resolution for Issuance of Letter of Indemnity
   • Account Opening Due Diligence Questionnaire
   • Personal Details Form for every Account Signatory, Director, Shareholder and Beneficial Owner
   • Declaration of Beneficial Ownership Form
   • Disclosure of Information Form
   • Board of Director's Resolution sanctioning the opening of the account and the signatories to the account
   • Photocopy of Certificate of Incorporation (or equivalent such as ACRA Company Profile)
   • Photocopy of Memorandum & Articles of Association (or equivalent)
   • Photocopy of IC/Passport of the following persons
       - Director(s), Secretary and Shareholder(s)
       - All authorized signatories
     
   • Photocopy of Recent (within 3 months) Proof of Residential Address of the following persons
       - Director(s), Secretary and Shareholder(s)
       - All authorized signatories
   • For companies incorporated in tax haven countries
       - Original Certificate of Incumbency (Must be less than 6 months old)

Worldwide, Hong Kong is well known for its banking infrastructure. Like Singapore banks, Hong Kong banks are also subjected to a high level of privacy and confidentiality when it comes to the disclosure of the identities and transactions of their customers.

Two of the recommended banks in Hong Kong to open offshore bank accounts are listed below here.

1. Hong Kong and Shanghai Banking Corporation (Hong Kong)

   Founded by Thomas Sutherland, the Hong Kong and Shanghai Banking Corporation (HSBC) was set up in 1865 to finance the growing trade between China and Europe. After World War II, HSBC played a significant role in the reconstruction of Hong Kong's economy, and it also began to further diversify its operations in the region. Today, HSBC offers a unique range of banks and financial service providers all over the world.

   The minimum initial deposit that HSBC requires is HK$5,000.
   This is a list of requirements that is needed by HSBC to set up an offshore bank account:
   • Copy of certificate of incorporation
   • Copy of business registration certificate
   • One copy of Memorandum & Articles of Association
   • Copies of formation documents
   • Passport copies (for each director and shareholder and their address proof copied documents) (for each signature signer, a copy of passport where the signer has signed his name)
   • Director declaration (DD)
   • Bank application form
   • Client information

   Note: The M & A and formation documents must be in English, and the names of directors/shareholders in M & A formation must match to their copies of passport

2. Standard Chartered Bank Hong Kong

   In 1859, the first Standard Chartered Bank (SCB) in Hong Kong was opened. Currently one of the three note-issuing banks in Hong Kong, SCB is also publicly listed on both the London Stock Exchange and the Stock Exchange of Hong Kong. With its vast local knowledge and global capacity, SCB hopes to build and maintain a strong relationship with its customers.

   Minimum initial deposit required by SCB: HK$10,000
   
   Below is a list of documents required by SCB to open an offshore bank account:
   • Commercial Account Opening Form and Signature Card
   • Limited Company Account Bank Mandate
   • Letter from a director confirming details of company's principal beneficial owners
   • Know-your customer Survey and Statement of anticipated type and volume of transactions
   • Identity proof and address proof *
       - All authorized signers
       - Directors (including Managing Director/Chairman)
       - Shareholders/beneficial owners with 10% or more shareholding
   • Certificate of Incumbency* issued by Registered Agent, following the bank's requested format (Annex V)
   • Certification Letter* issued by CPA firm/ Solicitor firm (Annex VII) (with exception of BVI and Belize)
   • Certified copy of Certificate of Incorporation
   • Certified original/copy of the Memorandum & Articles of Association
   • Certified Register of Directors and Register of Members
   • Organization Chart
   • Proof of business (Letter of Credits, Business Contract, Reference Letters, Account Statements, Tax Return, etc)
   • Handling Fee of HK$800, and initial deposit HK$10,000, payable by cheque
     * Documents provided by the customer must all be verified by the bank staff or qualified CPA (practicing)/Solicitor Firm in Hong Kong
     
     The following documents to be provided are optional
   • Web-bank Application Forms
   • Telephone Banking Application Forms
   • Export Bills Account (for Letter of Credits)

• Certificate of Incumbency
• Certificate of Incorporation
• Barclays Corporate Account Application
• Deferred Debit Card Application
• Integrator Banking Form Application
• Letter of Lien
• Proof of identity documents
    - Certified photocopy of the original of any current valid Passport (identity and signature pages); or
  - Current valid Driving License;
  - National Identity Card/ Document;
  - Armed Forces Identity Card duly certified as a true copy of the original
• Proof of residential address documents (Original or a clear and legible certified photocopy of)
    - Utility Bill addressed to the applicant, and less than 3 months old
    - Bank statement or credit card statement must be less than 3 months old
    - A bank reference which must be less than 3 months old
    - The Company Search document, if it includes the residential address
• The original specimen signatures of the authorized signatories

• Address confirmation from employer on employer letter head, lawyer or accountant
• A second identity document which contains address information
• Existing Customer Introduction (introducer must have maintained an account for a minimum of 12 months with Barclays and must also have known the prospective customer for a minimum of 12 months)